Key Points From the Interview
egular Acquiring Minds listeners know that building a holdco is hot these days. Being the owner of not just one small business, but multiple.
Lots of searchers in 2023 actually set out to do just that.
Well not today's guest, who started his career in acquisition entrepreneurship back in 2013; he did ultimately build a holdco, but sort of by accident.
After spending his 20s in flashy corporate and consulting jobs, Adam Duggins and his wife returned to his hometown of Greensboro, North Carolina, to settle down and raise their family.
And...buy a business.
Now, if you think that buying a business is an unusual path today, 10 years ago it was far more so.
Undaunted by the questioning looks and sometimes outright discouragement, Adam attacked his search with gusto.
That first year of searching, he met with literally 650 people throughout his small city, talking to absolutely everyone he could to get a lead on a business to buy.
Well he did find one, a structural steel fabricator doing about $12m in sales with just under 30 employees.
Below he’s having his head shaved on the plant floor, having lost a bet (happliy) with his plant manager about hitting a production goal.
Flash forward, and Adam and his partner have acquired 3 more businesses in North Carolina's Triad region, and their portfolio does $75m in annual revenue across the 4 companies of 220 employees.
This is a longer interview but we cover so much good stuff:
- How Adam found his partner, and how he structured their ownership
- How Adam became a holdco without really meaning to
- How motivating blue collar workers versus white collar careerists is different
- Why Adam prefers working with blue collar versus white collar
- Buying businesses in overlooked geographies
- A bit about each of Adam's 4 businesses
- And so much more
I think you'll agree Adam's got a great story, and it's super fun to listen to him tell it.
Here is Adam Duggins of New Page Capital: